Bradesco Seeks to Raise CEO Retirement Age

SÃ O PAULO—The board of Brazilian bank Banco Bradesco SA has proposed raising the retirement age for its chief-executive post to 67 years from 65, which would enable the current head of the bank to stay on.

Bradesco's shareholders will vote on the proposal at their next meeting, which is set to take place Oct. 7. The vote requires a simple majority.

The current CEO, Luiz Carlos Trabuco Cappi, will be 65 years old in October.

Bradesco said it is in the midst of integrating its largest-ever purchase, the Brazilian operation of HSBC Holdings PLC, and wants continuity in the CEO post during this time. Bradesco agreed to the $5.2 billion deal in August 2015.

However, Mr. Trabuco Cappi's tenure also faces controversy. In July, a federal court in Brasí lia accepted criminal charges against Mr. Trabuco Cappi and two other bank executives for alleged corruption as part of an investigation into the bribery of tax officials. This means a judge believes investigators provided sufficient evidence to proceed to trial.

Bradesco said at that time that it was certain its executives hadn't broken any laws, a position a company spokesman maintained Tuesday. Mr. Trabuco Cappi's attorney previously called the allegations against his client groundless.

Write to Rogerio Jelmayer at [e-mail]

(END) Dow Jones Newswires

September 06, 2016 09:15 ET (13:15 GMT)

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